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11/05/2009

Europe - Crisis increases workload for multi-managers

The crisis has brought more work for multi-managers, according to Ignites Europe. Tony Lanning, head of multi-management at Gartmore, explains that he is meeting with managers much more frequently, not necessarily because he is concerned about more managers, but because he wants to gather as much information as possible about the current market environment.
11/05/2009

World - Provisional increase of 1.29% for Credit Suisse/Tremont index in April

According to estimates based on 55% of the usual sample, the Credit Suisse/Tremont hedge fund index is expected to post an increase in April of 1.29%. Although a number of long/short equity managers have increased their long positions in an effort to capture potential gains in market rallies, many other managers have maintained their exposures to beta at relatively low levels, and have remained relatively defensively positioned, which has led to returns below those of equity indexes.
11/05/2009

Switzerland - LGT CM launches third behavioural finance fund

LGT Capital Management, an asset management affiliate of the bank owned by the Prince’s family of Liechtenstein (LGT Bank) is launching the Liechtenstein-registered fund LGT Equity Fund Europe Sector Trend (EUR), its third behavioural finance product [after the LGT Equity Fund Global Sector Trends (USD) and LGT Equity Fund North America (USD)]. The equities fund is actively managed, and invests primarily in shares in companies whose headquarters are located in Europe or most of whose activities are realised on the European continent. The objective is to outperform the MSCI Europe index, with a long/only portfolio of 40 positions. Management is undertaken directly by two specialists in behavioural finance, Volker Hergert and Oliver Günter, who had previously been dedicated to stock-picking.
11/05/2009

France - SGAM-CAAM merger may be completed in Q4

Jean-Pierre Mustier, chairman and CEO of Société Générale Asset Management (SGAM), on Thursday said consultations with employees on plans to merge SGAM with the asset management affiliate of Crédit Agricole (CAAM) will be concluded by the beginning of summer. Then will come the regulatory approval stage, which will last until October or November. The closing of the merger should thus come in early or mid-fourth quarter.According to sources close to the firm, SGAM will not include its roughly 12,000 mandates in the merger, which will create an entity whose working name is Newco. The fund factory with four distribution units, capable of adapting products to the needs of the four networks (SG, Crédit Agricole, Crédit du Nord and LCL), will exist as a single business entity, whose format is currently being studied jointly, and which will not bear the name of either SGAM or CAAM.In addition to the facts reported in Newsmanagers on 7 May, it may be noted that the perimeter earmarked by Société Générale for Newco had gross operating profits of EUR15m last year, while asset management as a whole showed gross operating losses of EUR41m. Meanwhile, chairman and CEO of Société Générale Frédéric Oudéa stated that the purchase of shares in money market funds from SGAM in order to ensure the liquidity of non-US products for clients had a negative impact of EUR193m on the first quarter results.
11/05/2009

United Kingdom - Crispin Odey prepared to join tax refugees

Crispin Odey is threatening to expatriate his alternative asset management firm Odey Asset Management (50 employees, GBP3bn in assets) to avoid a 50% tax to be introduced in the United Kingdom for high-income brackets, the Sunday Times reports. Kinetic Partners, a firm specialised in moving hedge funds to Switzerland, says it has been inundated with requests for information. Kinetic is currently advising 15 hedge funds which are ?actively? planning to leave the UK.
11/05/2009

United Kingdom - BC Partners raises bid for iShares

Private equity firm BC Partners is offering GBP3.5bn for iShares, which Barclays was about to sell for GBP3bn to CVC, another private equity firm, the Sunday Times reports. Barclays has a 45-day period in which to find a better offer (the famous ?go-shop? clause). CVC will now have to offer as much as BC Partners, or else bow out. If Barclays sells iShares to another buyer, CVC will be entitled to a break fee of GBP175bn.
11/05/2009

Europe - Euro Corporate Bond fund from Schroder ISF attracts EUR1.4bn ytd

The Euro Corporate Bond, a subfund of the Luxembourg Sicav Schroder ISF, launched in 2000, at the end of March for the first time topped EUR1bn in assets, and in April the fund attracted EUR634m, for a total of over EUR1.7bn as of 30 April, compared with EUR1.1bn one month earlier. Since 1 January, net subscriptions have totalled EUR1.4bn (of which EUR216m have come from Germany), the British asset management firm states. The Corporate Bond fund is managed by Adam Cordery. Over five years, it shows returns of 7.62%, compared with 5.34% for the Merrill Lynch EMU Corporate, which it has outperformed by 4.9 percentage points on one year (with returns of 1.35%), and by 3.69 percentage points over three years.
11/05/2009

United Kingdom - Threadneedle launches credit fund

Threadneedle has extended its range of absolute returns products with the launch of the Credit Opportunities Fund, which will be managed by Barrie Whitman, head of high yield, assisted by Roman Gaiser, high yield fund manager, and Alasdair Ross, investment grade credit fund manager.The fund, which complies with UCITS III and offers daily liquidity, is licensed for sale in the United Kingdom and will be registered for sale in other European countries in the next few months. The objective is long-term performance 350 basis points over the overnight money market rate, before commissions and taxes, relying primarily on a bottom-up approach. The manager is permitted to use short-selling and derivative products, and to invest part of the portfolio in cash. He may also make pair trades, basis trades (long physical positions against short derivative positions, or vice versa), as well as arbitrage operations on capital structure.Threadneedle says the fund should interest investors with a horizon of 18 months.
11/05/2009

Spain - Merrill Lynch releases BlueTrend UCITS Fund

Merrill Lynch International is releasing the BlueTrend UCITS Fund, a sub-fund of its Luxemborug Sicav Merrill Lynch Investment Solutions (MLIS), with a minimal subscription of USD1,000 for the retail share class, Funds People reports. The fund is managed by BlueCrest Capital Management LLP, which applies a trend-following strategy to CTA futures contracts, with assets of USD7bn. The objectives are a return of 15% to 20% per year, and a Sharpe ratio above 1.
11/05/2009

World - Hedge funds charge lower fees

The Financial Times reports that the hedge fund industry is reacting to massive redemptions and is beginning to lower the management fees it charges investors. Three hedge funds contacted by the newspaper said they had lowered fees for new investors. Management fees have been lowered by half a percentage point to between 1% and 1.5%, while outperformance commissions have been lowered from 20% to 10%.
11/05/2009

World - Hedge funds post gains

The Wall Street Journal reports that, according to Hedge Fund Research Inc., hedge funds have posted an average performance of 4.2% in January-April. However, so far, managers who have been betting that the equities markets will fall further have continued to suffer badly, while bullish investors have posted gains of up to 30% on the April rally alone.
11/05/2009

United States - Bill Miller (Legg Mason) recommends financials

The star manager of the Legg Mason Value Trust, Bill Miller, estimates that after two years of heavy declines during the crisis, US financial sector shares now show a significant upside, the Frankfurter Allgemeine Zeitung reports. His favourites are Wells Fargo, Capital One Financial and American Express. Miller estimates that US equities could gain 20% to 30% this year.
11/05/2009

World - Hedge funds return to upward incline

According to a Credit Suisse/Tremont survey, hedge funds in first quarter posted average returns of 0.9%, compared with losses of 13% for the MSCI World index, and 3% for the Barclays Global Aggregate Bond Index. Assets contracted over the same time period by USD163bn, to a total of USD1.3trn as of 31 March. On that date, 17% of funds had either set up ?gates,? or suspensions of redemptions, or side pockets.
11/05/2009

United States - JPMorgan faces SEC charges

The Financial Times reports that charges may be filed by the SEC against JPMorgan for violating market regulations with a sale of bonds and swaps to Jefferson County, Alabama.
07/05/2009

BNY Mellon devient la sixième banque du pays

Bank of New York Mellon Corporation a annoncé mercredi la création en Belgique de The Bank of New York Mellon SA/NV qui sera l’entité de tête pour un certain nombre d’activités du groupe en Europe, notamment pour le global custody, le global collateral management et la banque dépositaire. D’ici à la fin de l’année, ce nouvel établissement prendra en charge les activités de l’agence de Bruxelles ainsi que du néerlandais BNY Mellon Asset Servicing B.V. qui est présente à Londres, Bruxelles, Amsterdam, Breda, Luxembourg et Francfort. Avec un total de bilan de 44 milliards d’euros, la nouvelle filiale sera la sixième banque belge. Elle comptera environ 1.500 salariés en Europe (1.000 pour l’agence de Bruxelles, 500 pour la filiale néerlandaise).
07/05/2009

UBS se focalise sur la clientèle très fortunée

UBS réorganise les activités de sa filiale italienne, rapporte Il Sole ? 24 Ore. UBS Italia continuera à se spécialiser sur la gestion de patrimoine, mais s"intéressera plus à la clientèle haut de gamme (plus d"un million d"euros). A fin 2008, UBS gérait en Italie des encours de 15,1 milliards d"euros.
07/05/2009
Fonds

JPMAM fusionne deux fonds

Le conseil d’administration de JPMorgan Investment Funds a décidé de faire absorber le compartiment Europe Select Mega Cap Fund de la Sicav luxembourgeoise (9,8 millions d’euros d’encours fin février) par le Europe Select Equity Fund en raison des grandes similitudes dans le processus et les objectifs de gestion ainsi qu'à cause de la fonte des encours du Mega Cap. La fusion interviendra par échange de parts le 12 juin.
Fonds
07/05/2009

Saxo Bank s'installe à Dubai

La banque de trading en ligne et d"investissement annonce l"ouverture de son bureau à Dubaï au sein du DIFC (Dubai International Financial Centre). Ce nouveau bureau a pour vocation de renforcer la présence de Saxo Bank dans le golf persique et représente la première ouverture d"une banque danoise dans les Emirats Arabes Unis.
07/05/2009

Création d?une nouvelle banque privée à Genève

Selon Le Temps, une nouvelle banque privée vient d"être créée à Genève par des anciens professionnels d"UBS : la Banque Pâris Bertrand Sturdza vise les grandes fortunes privées internationales, personnes physiques ou family offices, principalement d"Europe, mais aussi du Moyen-Orient et de l"Inde. Les fondateurs ont imaginé un modèle en vue d"éviter les erreurs qui ont provoquées la crise financière et s"interdisent #toutes activités financières comportant des risques bilantaires potentiels#.
07/05/2009

Création d?une nouvelle banque privée à Genève

Selon L"Agefi suisse, Eric Sturdza, propriétaire de la Banque Baring Brothers Sturdza, participe à la création d"une nouvelle banque privée, Pâris Bertrand Sturdza SA ou PBS. La structure, qui va profiter de l"expérience et de la caution morale d"Eric Sturdza, sera dirigée par deux anciens d"UBS, Pierre Pâris et Olivier Bretrand qui soulignent que les grandes fortunes internationales ont compris ce que pouvaient leur apporter les banques privées en termes d"indépendance, de flexibilité et de transparence. Par ailleurs, la taille ne protège plus forcément contre une éventuelle défaillance. Conséquence : le développement des boutiques, déjà en cours depuis plusieurs années dans la banque d"affaires, touche dorénavant la gestion de fortune.
07/05/2009
Fonds

LGT CM lance son troisième fonds de finance comportementale

LGT Capital management, filiale gestion d’actifs de banque de la famille princière du Liechtenstein (LGT Bank) lance le fonds de droit local LGT Equity Fund Europe Sector Trend (EUR), son troisième produit de finance comportementale, géré de manière active [après le LGT Equity Fund Global Sector Trends (USD) et LGT Equity Fund North America (USD)]. Ce fonds d’actions investit principalement en titres d’entreprises dont le siège se trouve en Europe ou dont l’essentiel de l’activité s’effectue sur le Vieux continent. L’objectif est de surperformer le MSCI Europe avec un portefeuille long-only d’une quarantaine de lignes. La gestion est assurée en direct par deux spécialistes de la finance comportementale, Volker Hergert et Oliver Günter, qui se contentaient auparavant de façonner la sélection de valeurs.
Fonds
07/05/2009

Renta 4 envisage d'acheter deux concurrents cette année

Juan Carlos Ureta, président de Renta 4, a révélé mercredi être en contact avec une dizaine de concurrents et qu’il compte boucler l’acquisition de deux d’entre eux avant la fin de l’année, rapporte Cinco Días. Les sociétés de gestion d’actifs que vise Renta 4 affichent des encours compris entre 150 et 200 millions, précise un communiqué remis à la CNMV. Le président de Renta 4 n’exclut pas des achats à l'étranger, mais le problème est celui des valorisations parce que le marché est resté figé sur les prix de l'époque où La Caixa avait racheté la gestion d’actifs de Morgan Stanley.
07/05/2009
Fonds

Le Carmignac Market Neutral arrive en Allemagne et en Espagne

Carmignac Gestion a indiqué que le nouveau compartiment Market Neutral de sa Sicav luxembourgeoise Carmignac Portfolio (lire notre article du 30 avril), géré par Keith Ney et Maxime Carmignac, a reçu l’agrément de la CNMV espagnole voici deux semaines. D’autre part, le gestionnaire a annoncé mercredi qu’il entame la commercialisation de ce fonds en Allemagne.
Fonds
07/05/2009

S&P dégrade cinq des six plus grosses Landesbanken

La Bayern LB, la HSH Nordbank et la WestLB, qui ont pourtant obtenu des garanties de leurs actionnaires, ont vu leur note abaissée par S&P à BBB+, celle de la LBBW et de la Nord LB étant ramenée à A-, rapporte la Frankfurter Allgemeine Zeitung. Des six grandes Landesbanken, seule la Helaba conserve sa note, un A.

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